Florida's Existing Home, Condo Sales Up in 2Q 2011

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Aug 10, 2011, 11:05 ET

ORLANDO, Fla., Aug. 10, 2011 /PRNewswire/ -- Florida's existing home and existing condo sales experienced an upswing in the second quarter of 2011 compared to the same period a year earlier, according to the latest housing statistics from Florida Realtors®. Existing home sales rose 1 percent in 2Q 2011 with a total of 52,421 homes sold statewide; during the same period the year before, a total of 51,973 homes changed hands according to Florida Realtors. Statewide sales of existing condos in the second quarter rose 14 percent compared to the year-ago sales figure.

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Statewide home and condo sales in the second quarter also increased over 1Q 2011's sales figures, Florida Realtors' records show. For 2Q 2011, statewide sales of existing homes rose 17.7 percent over the previous quarter's activity; statewide existing condo sales increased 8.1 percent over the 1Q 2011 level.

The statewide existing-home median sales price was $134,600 for the three-month period; in 2Q 2010, it was $141,500 for a decrease of 5 percent. However, the 2Q 2011 statewide existing-home median sales price was 8.9 percent higher than the 1Q 2011 figure. The median is a typical market price where half the homes sold for more, half for less.

Looking at Florida's housing sector in the second quarter of 2011, Dr. Sean Snaith, director of the University of Central Florida's Institute for Economic Competitiveness, noted positive signs for a strengthening recovery. "Florida Realtors second quarter housing data shows that momentum in sales of both single family homes and condominiums continues to build, while median sales prices have also increased from first quarter to the second," Snaith said.

"The fate of the housing market in Florida is tightly bound to that of the labor market," he said. "They are like economic conjoined twins – improvement in one will invariably help the other. More jobs and lower unemployment will slow foreclosures as well as build the pool of potential buyers; both of these will work to help support prices. As single-family home and condo prices stabilize, the wealth effect of this will make owners more willing to spend, which in turn could boost hiring."

Snaith added, "This may sound like a classic 'chicken and the egg' scenario, but as far as Florida's economy is concerned, it doesn't matter which comes first."

In the year-to-year quarterly comparison for existing condo sales, 25,263 units sold statewide in the second quarter compared to 22,137 units in 2Q 2010 for a 14 percent gain. The statewide existing-condo median sales price was $94,700 in the second quarter; a year earlier, it was $96,400 for a 2 percent decrease. However, the 2Q 2011 statewide existing-condo median sales price was 17.3 percent higher than the 1Q 2011 figure.

Low mortgage rates were another favorable influence on the housing sector. According to Freddie Mac, the national commitment rate for a 30-year conventional fixed-rate mortgage averaged 4.66 percent in 2Q 2011; one year earlier, it averaged 4.91 percent.

Two charts showing statistics for Florida and its MSAs are attached. One chart compares the volume of existing, single-family home sales and median sales prices in the second quarter of 2011 to the second quarter of 2010, based on Realtor closed transactions from local Realtor boards/associations within the MSAs. The second chart compares the volume of existing condo sales and median sales prices in second quarter 2011 to second quarter 2010, based on Realtor closed transactions from local Realtor boards/associations within the MSAs.

Florida Realtors®, formerly known as the Florida Association of Realtors®, serves as the voice for real estate in Florida. It provides programs, services, continuing education, research and legislative representation to its 115,000 members in 64 boards/associations. Florida Realtors® Media Center website is available at http://media.floridarealtors.org.

Editor’s Note: You may wish to use this information with today’s release from the National Association of Realtors.

Florida Sales Report – 2nd Quarter 2011 Single-Family, Existing Homes
	Realtor Sales			Median Sales Price
Statewide & Metropolitan Statistical Areas (MSAs)	2nd Qrtr. 2011	2nd Qrtr. 2010	% Chge	2nd Qrtr. 2011	2nd Qrtr. 2010	% Chge
STATEWIDE* (1)	52,421	51,973	1	$134,600	$141,500	-5
Daytona Beach	2,648	2,607	2	$112,200	$122,500	-8
Fort Lauderdale (2)	3,540	3,387	5	$188,500	$186,500	1
Fort Myers-Cape Coral	4,183	4,434	-6	$117,100	$98,000	19
Fort Pierce-Port St. Lucie	1,587	1,822	-13	$109,800	$113,300	-3
Fort Walton Beach	944	812	16	$182,400	$193,900	-6
Gainesville	594	683	-13	$151,300	$169,900	-11
Jacksonville (3)	3,878	3,979	-3	$134,200	$143,800	-7
Lakeland-Winter Haven	958	1,090	-12	$93,200	$104,000	-10
Melbourne-Titusville-Palm Bay	1,908	1,870	2	$108,700	$111,600	-3
Miami	2,628	2,007	31	$178,800	$197,200	-9
Ocala	1,044	1,013	3	$79,800	$95,100	-16
Orlando	7,554	7,874	-4	$125,600	$136,300	-8
Panama City	377	359	5	$135,400	$160,300	-16
Pensacola	1,103	1,090	1	$133,600	$143,100	-7
Punta Gorda	901	894	1	$101,600	$108,000	-6
Sarasota-Bradenton	3,085	3,098	—	$157,000	$166,800	-6
Tallahassee	570	646	-12	$162,600	$166,400	-2
Tampa-St. Petersburg- Clearwater	8,428	8,402	—	$121,500	$134,600	-10
West Palm Beach-Boca Raton	3,411	2,892	18	$206,000	$235,500	-13

(1) *Statewide figure includes data from the Naples Area Board of Realtors; it also includes data from the Marco Island Association of Realtors.
(2) Includes data from all associations in the market area.
(3) Data for April from the St. Augustine & St. Johns County Board is not available.

Editor's note: Sales numbers represent totals of Realtors' closed transactions from local Realtor boards/associations within the MSAs.

This information is based on a survey of MLS sales levels from Florida's Realtor boards/associations. MSAs are defined by the 2000 Census. Source: Florida Realtors® and the University of Florida Bergstrom Center for Real Estate Studies.

Florida Sales Report – 2nd Quarter 2011 Existing Condominiums
	Realtor Sales			Median Sales Price
Statewide & Metropolitan Statistical Areas (MSAs)	2nd Qrtr. 2011	2nd Qrtr. 2010	% Chge	2nd Qrtr. 2011	2nd Qrtr. 2010	% Chge
STATEWIDE* (1)	25,263	22,137	14	$94,700	$96,400	-2
Daytona Beach	585	536	9	$130,700	$126,700	3
Fort Lauderdale (2)	4,693	4,289	9	$76,000	$70,800	7
Fort Myers-Cape Coral	1,566	1,451	8	$144,000	$132,800	8
Fort Pierce-Port St. Lucie	355	433	-18	$90,300	$90,900	-1
Fort Walton Beach	465	282	65	$219,200	$243,000	-10
Gainesville	148	141	5	$79,400	$97,900	-19
Jacksonville (3)	637	647	-2	$76,300	$72,000	6
Lakeland-Winter Haven	77	84	-8	$57,700	$65,700	-12
Melbourne-Titusville-Palm Bay	527	440	20	$99,200	$110,800	-10
Miami	4,140	2,550	62	$119,800	$128,100	-6
Ocala	22	28	-21	$36,500	$40,000	-9
Orlando	1,845	2,485	-26	$56,100	$51,300	9
Panama City	273	192	42	$154,500	$175,400	-12
Pensacola	200	140	43	$188,600	$172,000	10
Punta Gorda	178	171	4	$81,100	$102,500	-21
Sarasota-Bradenton	1,180	1,116	6	$140,400	$145,400	-3
Tallahassee	45	41	10	$78,300	$96,900	-19
Tampa-St. Petersburg-Clearwater	2,903	2,536	14	$76,000	$95,400	-20
West Palm Beach-Boca Raton	3,838	2,962	30	$80,700	$98,600	-18